Transcription of Country Analysis Executive Summary: Ecuador
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Country Analysis Executive Summary: Ecuador
1 Country Analysis Executive Summary: Ecuador Last Updated: September 17, 2021 Overview In 2020, Ecuador was the fifth-largest oil producer in South America behind Brazil, Colombia, Argentina, and Venezuela. Petroleum and other liquids represented 62% of the Ecuador s total energy consumption in 2020 (Figure 1). Hydroelectric power was the second-largest energy source. Natural gas and other renewable fuels account for the remainder of Ecuador s energy mix. Petroleum and other liquids Reserves As of January 2021, Ecuador had billion barrels of proved crude oil reserves. Ecuador oil reserves are the third largest in Latin America, after Venezuela s and Brazil s Most of Ecuador s oil reserves are in the Oriente Basin located in the Amazon. petroleum and other liquids62%hydroelectric power34%natural gas3%renewables1%Source: Chart by the Energy Information Administration, based on data from the BP Statistical Review of Energy 2021 Figure 1.
Sep 17, 2021 · country relies heavily on oil export revenue; in 2020, Ecuador exported over 70% of the crude oil it produced. Crude oil exports accounted for 49%4 of the country's export earnings5 and 21%6 of public sector revenues in 2019. …
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